Asked on 12 Nov 2018
I do have a business that is doing very minimally but it's just enough to feed me. I would like a house and some freedom from this as I've been struggling a long time and not from laziness or lack of trying..
At my age, do you feel it's too late for me to build some real wealth in life?
Hey there.. totally understand ur frustration.. I reckon u still can bounce back up.. but it takes discipline and determination.. I am gonna write a few pointers and hope it helps:
1) Clearing Debt
You can try visiting debt management programme to see how can they help u out.. to know what r some of the options u can look into to slowly clear ur debt.. an example of such site will be https://www.ccs.org.sg
2) Knowing what is your strength and skill set
Not all jobs require high qualification.. sit and and draft out what kind of skills set u have.. e.g. driving, design, sales, etc.. from there explore the possible jobs opportunities u have.. for example if u have a driving licence and is gd in sales.. U may want to drive Grab and do a sales job at the same time to generate your income
3) You Current Biz
Let be pratical.. not all biz r profitable.. U need to measure the time and effort spend on it vs the earnings u will get.. if the biz is only paying u 1.5k per month.. driving full time may let u be better off than that.
4) Consolidating everything
Once u have map out all the possible income u can get, start taking action and slowly clear off your debts.. it may take a few years but at least u r doing smt about it..
Hope this helps alittle.. U may also talk to the bank to see how they can help u to refinance ur debts or get a better interest rate too..
All the best 😄
19 Nov 2018
Its never too late to take control of your finances and start building wealth. First things first, you should make sure you can clear your debt. Since you already have a business, you should consider taking a side job such as doing grab to help you to clear your debts. Once you are free from debt, you should then start building up your savings and emergency fund. After that then you will have the foundation to start investing.